Senior citizen alleges ₹70.35 lakh fraud by share trading firm owners in Bandra | Representational Image
Mumbai: A 60-year-old man, a retired employee of a Gulf oil company, has accused two owners of a share trading firm of duping him of Rs 70.35 lakh, promising good returns on investment. The senior citizen said though he received several lakhs in profits, the duo failed to return the principal amount.
According to the FIR, the complainant, Mehraj Khan, a Bandra resident, said that Arpit Shah, the son-in-law of his neighbour, was involved in share market trading. He promised to give 5% interest on an investment, alleged Khan, adding that from October 2021 to December 2022, he transferred Rs10.35 lakh. Additionally, he claimed to have given Rs1 lakh in cash to Shah, after which the latter gave Rs5 lakh as profit.
In January 2023, Shah along with another accused, Manish Malkana, visited Khan’s residence. The duo told him that they operated ‘Money Maker Malkana’, a share market investment company, which offered good returns. In the next five months, the senior citizen said that he issued 10 cheques totalling Rs 53 lakh apart from giving Rs 6 lakh in cash to Shah.
Between May 2023 and November 2023, the duo returned Rs 10 lakh as profit, assuring Khan to return the principal amount of Rs 70.35 lakh by March 2024, said the FIR. A memorandum of understanding was also signed to this effect. However, despite several requests by Khan, Shah and Malkana failed to keep the promise, the FIR added.
